Bitcoin 2021 drew support from all over the country, marking the currency's progress towards wide-scale adoption. India and China backtracked on previous Bitcoin restrictions, encouraging investors in those countries to continue participating in Bitcoin markets. The U.S. economy continues its steady recovery, despite a pace that did not live up to investor expectations.
Economic Recovery Continues Slowly
The United States added 559,000 jobs in May, primarily in leisure and hospitality. This gain was lower than many economists predicted, with many employers struggling to fill open positions. U.S jobless claims have reached a new post-pandemic low of 385,000. Last week marked 5 consecutive weeks of declining jobless claims in the country. At the G7 Finance Ministers meeting in London, Treasury Secretary Janet Yellen encouraged all leaders to continue using fiscal policy to support economic recovery and growth, saying all G7 economies had the "fiscal space" to speed recovery. Yellen also secured an agreement from the seven participating countries to pass a global minimum corporate income tax of 15% at the meeting. Congress will have the final approval of U.S. participation. Joe Biden has indicated a willingness to compromise to pass his infrastructure bill. His most recent proposal calls for only $1 trillion in new spending, down from a previous package that allocated $1.7 trillion. The Republican party countered with an offer of $928 billion in total expenditures, of which only $307 billion would be new spending.
Countries Update Their Stances On Bitcoin
Shaktikanta Das, the Reserve Bank of India governor, has clarified that cryptocurrency trading is not illegal in the country. The move contradicts legislation from 2018, which attempted to ban Indian banks from facilitating or engaging in the trading of cryptocurrencies. Chinese officials also stated that Bitcoin ownership and trading were legal in the country. However, the statement urged investors to exercise caution while participating in the Bitcoin market. El Salvador President Nayib Bukele announced that he is proposing legislation that would make Bitcoin legal tender. If the bill passes, El Salvador would become the first country to give Bitcoin that designation. Norway's finance minister stated that Bitcoin may experience "greater breakthroughs and upheavals" if the price stabilizes. Ron Paul wants to see Bitcoin completely legalized so that it can fairly compete with the U.S. dollar based on the decisions of all market participants.
Bitcoin 2021 Conference Draws Diverse Support For The Currency
The Bitcoin 2021 offered 13,000 tickets and sold out, drawing tens of thousands of additional advocates to Miami. Guest speaker Jack Dorsey stated that "bitcoin changes everything," elaborating that "I don't think there is anything more important in my lifetime to work on." At the conference, Astrobotic Technology announced that it would be sending a hardware wallet containing bitcoin to the moon in a symbolic show of support for the currency. Google and Alibaba are among many companies that applied for a crypto license in Singapore. Standard Chartered is launching a cryptocurrency exchange for wealthy European clients. In a filing on Monday, MicroStrategy, whose CEO Michael Saylor attended the Bitcoin 2021 conference, announced it will borrow $400 million to fund an additional Bitcoin purchase. The senior secured notes will be available to institutional investors, and is the first junk bond sale used to purchase Bitcoin. Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital, encouraged investors seeking currency alternatives to invest in Bitcoin over gold. In a phone interview last week, Gayeski stated, "we're going to stick to Bitcoin and crypto because we just think there's more upside."
Bitcoin 2021 displayed an impressive group of advocates for the currency, including leaders of large financial institutions and technology companies across the United States. The conference makes it clear that large companies will continue getting involved in the space. Globally, several countries appear to be warming up to Bitcoin, notably China and India.